The commodity trading house's IPO was priced at 530p and, although the shares rose in early dealing during their first day in grey market trading, they have never closed above the launch price.

Having closed on Monday at 514p, Glencore now looks set to join FTSE 100 at below its original valuation despite being nearly five times oversubscribed.

The company priced its shares at the mid point so stock would trade but the strategy has come under pressure from volatility in the commodities market. However, Glencore maintains its fundamentals remain strong.

If Glencore's valuation dips it would be in line with the historic trend, which has seen as much as a 90pc drop in eight of the 10 largest floats in the last decade, including Friends Provident and Standard Life, according to Thomson Reuters data.

Saudi Arabia's Prince Alwaleed said his investment firm Kingdom made a $400m investment into Glencore, giving it a 3.6pc stake in the flotation.